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Comment

In: Value and Capital: Fifty Years Later

Author

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  • Darrell Duffie

    (Stanford University)

Abstract

Roy Radner’s (1972) notion of ‘equilibrium of plans, prices, and price expectations’, an extension of Arrow’s (1953) model of general equilibrium under uncertainty, is now the closest thing to a standard paradigm for intertemporal general equilibrium. I have heard a rumour that Radner recently voiced scepticism over his own notion of equilibrium. There is certainly some hint of that in his (1988) review of post-war developments of ‘Intertemporal General Equilibrium’. On the whole, however, his review has a balance of optimism and scepticism concerning developments of the theory since Hicks’s Value and Capital appeared. Radner’s perspective is well-informed and pragmatic. In this discussion of Chapter 15, I will highlight a few of his observations that I find most novel, and also add a few comments of my own.

Suggested Citation

  • Darrell Duffie, 1991. "Comment," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, pages 461-468, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_27
    DOI: 10.1007/978-1-349-11029-2_27
    as

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